Multan Sultans to Become Rawalpindi Franchise After Record PSL Sale

The Multan Sultans franchise has been sold for a record annual fee of PKR 2.45 billion, the highest valuation in Pakistan Super League (PSL) history, with financial technology company Walee Technologies emerging as the successful bidder.

The auction concluded just two days before the PSL 11 player auction, which will mark the league’s first-ever squad-building process through an auction system rather than the traditional draft. Ahead of the sale, Multan Sultans chose not to retain any players from their previous squad and will now assemble their entire team through direct signings and the upcoming auction.

Shortly after acquiring the franchise, the Walee Group announced a major rebranding decision, confirming that the team will no longer represent Multan and will instead be relocated to Rawalpindi. The move effectively ends Multan Sultans’ identity and makes Rawalpindi Cricket Stadium the home venue for two PSL teams—the newly renamed franchise and three-time champions Islamabad United.

The decision leaves South Punjab without PSL representation for the first time in nine years. Since joining the league, Multan Sultans had developed a strong regional following, winning one PSL title and finishing runners-up on three other occasions.

Bidding for the franchise began at PKR 1.82 billion and quickly surpassed PKR 1.85 billion, the previous record set last month when OZ Developers purchased the newly introduced Sialkot franchise. Walee Technologies faced competition from CD Ventures and Particle Igniter before securing the winning bid.

The franchise had been without a long-term owner after Ali Tareen, who acquired the team in 2018, chose not to renew his agreement following PSL 10 due to differences with league management. Although Tareen was among the five qualified bidders, he ruled himself out ahead of the auction, stating on social media that he did not wish to participate in a bidding war at the prevailing price levels.

Reacting to the sale, PCB chairman Mohsin Naqvi called it a “significant moment for the league,” noting that Multan had previously struggled to attract buyers at far lower valuations. He said the record price reflected growing confidence in the PSL’s long-term commercial strength.

The sale comes amid a phase of expansion for the PSL. The Pakistan Cricket Board has confirmed that PSL 11 will feature eight teams, with Hyderabad and Sialkot joining the competition. The tournament is scheduled to run from 26 March to 3 May 2026.